Director/PDMR Shareholding

Montanaro European Smaller C.TstPLC
19 September 2006


NOTIFICATION OF TRANSACTIONS OF DIRECTORS, PERSONS DISCHARGING MANAGERIAL
RESPONSIBILITY OR CONNECTED PERSONS

This form is intended for use by an issuer to make a RIS notification required
by DR 3.1.4R(1).



(1)  An issuer making a notification in respect of a transaction relating to the 
     shares or debentures of the issuer should complete boxes 1 to 16, 23 and 
     24.

(2)  An issuer making a notification in respect of a derivative relating to the 
     shares of the issuer should complete boxes 1 to 4, 6, 8, 13, 14, 16, 23 and 
     24.

(3)  An issuer making a notification in respect of options granted to a director
     /person discharging managerial responsibilities should complete boxes 1 to 
     3 and 17 to 24.
     
(4)  An issuer making a notification in respect of a financial instrument 
     relating to the shares of the issuer (other than a debenture) should 
     complete boxes 1 to 4, 6, 8, 9, 11, 13, 14, 16, 23 and 24.


Please complete all relevant boxes in block capital letters.


1. Name of the issuer

Montanaro European Smaller Companies Trust plc


2. State whether the notification relates to (i) a transaction notified in
accordance with DR 3.1.4R(1)(a); or

(ii) DR 3.1.4(R)(1)(b) a disclosure made in accordance with section 324 (as
extended by section 328) of the Companies Act 1985; or

(iii) both (i) and (ii)

Related to (iii)


3. Name of person discharging managerial responsibilities/director

Andrew Irvine


4. State whether notification relates to a person connected with a person
discharging managerial responsibilities/director named in 3 and identify the
connected person

Andrew Irvine and Mrs A M Irvine


5. Indicate whether the notification is in respect of a holding of the person
referred to in 3 or 4 above or in respect of a non-beneficial interest

As 4


6. Description of shares (including class), debentures or derivatives or
financial instruments relating to shares

Ordinary


7. Name of registered shareholders(s) and, if more than one, the number of
shares held by each of them

As 4


8 State the nature of the transaction

Market purchase


9. Number of shares, debentures or financial instruments relating to shares
acquired

10,000


10. Percentage of issued class acquired (treasury shares of that class should
not be taken into account when calculating percentage)

0.06


11. Number of shares, debentures or financial instruments relating to shares
disposed



12. Percentage of issued class disposed (treasury shares of that class should
not be taken into account when calculating percentage)



13. Price per share or value of transaction

£3.32


14. Date and place of transaction

18/09/06


15. Total holding following notification and total percentage holding following
notification (any treasury shares should not be taken into account when
calculating percentage)

40,000 (0.23%)


16. Date issuer informed of transaction

18/09/06


If a person discharging managerial responsibilities has been granted options by
the issuer complete the following boxes

17 Date of grant



18. Period during which or date on which it can be exercised



19. Total amount paid (if any) for grant of the option



20. Description of shares or debentures involved (class and number)



21. Exercise price (if fixed at time of grant) or indication that price is to be
fixed at the time of exercise



22. Total number of shares or debentures over which options held following
notification



23. Any additional information



24. Name of contact and telephone number for queries

Andrew Nicholson, F&C Asset Management plc, 0131 465 1000


Name and signature of duly authorised officer of issuer responsible for making
notification

Gordon Hay Smith, F&C Asset Management plc, Secretary.


Date of notification

19/09/06


END


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